COPPER_ Each contract represents 25,000 lbs, so each move of a penny is worth $250.  China reported a 7.4% GDP growth vs an expected 7.5%. Still it is the lowest rate of growth since 1990. But as a net purchaser of energy, the recent declines in the price of oil should save china $100 billion this next year.

Weekly – Two weeks ago copper dropped thru the 2.64 target, spiked down, then recovered to close near that 2.64 level. This last week apparently in reaction to the China GDP report Copper dropped again as it touched the new resistance that was created by the 2.64 level, it then turned down again.  The next weekly target is 2.32. The trade pressures are down and the volume is neutral.

Daily – The Daily trade is up from the long entry of 2.52. But the Trade pressures have turned down. Volume is Bearish. Alcolse below 2.47 would signal lower and cause the trade to be stopped out.

GOLD_ Reacting to the European QE, Gold already in a long trade moved up to the 1276 and the 1304 targets.

Weekly – is moving up off the 1142 downside target. But has not yet triggered the 1426 long entry. Trade pressures are up. Volume is bullish.

Daily – Is the in the long trade from the 1193 long entry. The next target up is 1344. Trade pressures are up and volume is bullish. A close below 1278 would signal a retracement down.

SILVER_  seems to be following gold, but at a slower pace.

Weekly – technically in a retracement of the long downward move from 21.50 to the 10.70 target. A close above 21.48 would restart the move up.  Trade pressures are up. Volume is bullish.

Daily – in the long trade from the 15.61 entry after the spike down to 14.00. The next target up is 20.84.  Trade pressures are up. Volume is bullish. A close below 16.64 would signal a new move down.